WASHINGTON, March 20 — The US Fed chairman and Treasury secretary welcomed Sunday’s news that UBS will acquire its troubled Swiss rival Credit Suisse.

"We welcome the announcements by the Swiss authorities today to support financial stability,” Fed chair Jerome Powell and Treasury Secretary Janet Yellen said in a joint statement after the takeover announced by the Swiss president as markets around the world fret over the banking sector.

"The capital and liquidity positions of the US banking system are strong, and the US financial system is resilient,” the statement said.

It added, "We have been in close contact with our international counterparts to support their implementation.”

Credit Suisse announced earlier that, following intense talks in Bern, UBS would take it over for "a merger consideration of three billion Swiss francs,” or about US$3.24 billion (RM14.6 billion). — AFP